Reeko Moosa’s three islands announced for sale following failure to repay loan

Bank of Maldives (BML) has announced the sale of three islands in Laamu Atoll belonging to former deputy parliament speaker Moosa Manik (Reeko)’s company, Heavy Load Maldives Private Limited, developed as resorts following the company’s failure to repay a loan withdrawn from the Bank.

The three islands announced for sale are:

• Fares
• Kuda Fares
• Boduhuraa

The Bank is presently accepting bids from parties interested in purchasing the islands.

Interested parties have been instructed to submit their bids under either one or both options detailed below:

Option 1: Fares, Kudafares and Boduhuraa together for a minimum sale price of USD 23,262,000

Option 2: Fares and Kudafares separately for a minimum sale price of USD 23,262,000 and Boduhuraa separately for a minimum sale price of USD 23,262,000

The deadline to submit proposals has been set at 12:00pm on November 28^th.

The highest bidder will be mandated to pay a non-refundable USD 100,000 to BML within five business days of being notified of winning the bid.

BML recently announced two houses in Male’ for sale following failure to repay loans.

Notably, Reeko Moosa’s companies are on the list of companies publicized by the Maldives Inland Revenue Authority (MIRA) for failure to pay taxes.